Outlook
Fresenius Group Outlook 2008
With its international production and sales platform and its market-oriented products and services, the Fresenius Group is excellently positioned for continued growth in the coming years. The opportunities for profitable growth are indicated by the developments described in the chapter “Health Care Sector and Markets”. In 2008, we therefore expect to increase Group sales by 8 to 10 % at 2007 exchange rates.
While our traditional markets in Europe and North America are growing at average low to mid single-digit rates, we see far stronger growth potential in the Asia-Pacific region and in Latin America. Here, the demand for our life-saving and life-sustaining products continues to be very high due to the still limited access to medical care. This will also be reflected in the development of sales: While we expect single-digit rates of growth in our major markets of the United States and Europe, sales in the growth regions should increase at double-digit rates.
We plan to increase Group net income significantly again in 2008. We aim to achieve this through sustained sales growth and ongoing measures to lower costs as a percentage of sales, especially in production. Despite a market environment which continues to be marked by cost-containment and price pressure, we expect to increase net income by 10 to 15 % in constant currency, i.e. more strongly than sales.
 | Target 2008 | Fiscal Year 2007 |
| Fresenius Group | ||
| Sales growth (in constant currency) | 8 – 10 % | € 11.358 million |
| Net income growth (in constant currency) | 10 – 15 % | € 410 million |
| Capital Expenditure | ~ € 750 m | € 705 million |
| Dividend | Profit-driven dividend policy | Profit-driven dividend policy |
| Fresenius Medical Care | ||
| Sales | > US$ 10.4 billion | US$ 9,720 million |
| Net income | US$ 805 – 825 million | US$ 717 million |
| Fresenius Kabi | ||
| Sales growth (in constant currency) | 12 – 15 % | € 2,030 million |
| EBIT margin | ~ 16.5 % | 16.4 % |
| Fresenius Helios | ||
| Sales | > € 2,050 million | € 1,841 million |
| EBIT | € 160 - 170 million | € 155 million |
| Fresenius Vamed | ||
| Sales growth | 5 - 10 % | € 408 million |
| EBIT growth | 5 - 10 % | € 26 million |
| Biotech | ||
| EBIT | ~ € -50 million | € -50 million |